Top Violations: TRID & Shopping

If you provide a single shopping list for all your TRID applications, you might find yourself in violation. This is something we commonly see when conducting lending compliance reviews. The shopping list is supposed to be tailored to each individual application/transaction. It should reflect providers that can provide the service listed. While these aren’t likely to change much for transactions in your lending area, problems arise with transactions outside your lending area. For example, if a customer applies to purchase a home in another state, your shopping list should include providers in that state.

Jerod explains more in the video.


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Video Highlights:

  • Your shopping list should not always be the same.
  • The shopping list could vary depending on where the property and/or borrower are located.
  • The shopping list must be tailored to the transaction.

Published
2023/11/30

 
Jerod Moyer

Jerod Moyer

Jerod is the leader of Banker’s Compliance Consulting’s training productions. He is a nationally recognized speaker. Whether it’s a conference, seminar, school, webinar or luncheon, it’s easy to stay engaged when he presents due to the amount of passion and energy he brings to each and every compliance topic. Jerod has spoken on behalf of the American Bankers’ Association, BankersOnline, many state banking associations, private compliance groups and financial institutions. He is a Certified Regulatory Compliance Manager (CRCM) and BankersOnline Guru. Jerod likes to spend his time (between reading regulations and producing compliance training!) relaxing at the lake with his wife and three children, following their activities or engaged in something sports-related!

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